NEWPORT BEACH, CALIF, March 31, 2014 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the "Company") (OTCQB: PFHO) today announced its financial results for the quarter and fiscal year ended December 31, 2013.
Pacific Health Care Organization had revenue of $6,573,106 for the year ended December 31, 2013 as compared with $4,826,765 of revenue for the year ended December 31, 2012. Pacific Health Care Organization reported net income of $1,232,577 or $1.54 per basic and fully diluted shares for the year ended December 31, 2013 as compared to net income of $711,389 or $0.89 per share per basic and fully diluted shares for the year ended December 31, 2012.
Cash provided by operations increased to $808,205 during the year ended December 31, 2013, from $210,602 for the same period in 2012, an increase of $597,603 or 284% percent. Cash balance at December 31, 2013 and 2012 was $1,265,535 and $479,674, respectively.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers' compensation managed care company providing a range of services primarily to California employers and claims administrators. Workers' compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers' compensation in the state of California are billions of dollars annually. The Company's focus goes beyond the medical cost of a claim, with the goal of reducing the entire cost of the claim, including medical, legal and administrative costs. Through its wholly-owned subsidiaries, the Company provides a range of effective workers' compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers' Compensation Carve-Outs, Utilization Review, Medical Bill Review, and Nurse Case Management.
"Safe Harbor" Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors is contained in the Company's filings with the Securities and Exchange Commission, including without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looing statements to reflect events, circumstances or changes in expectations after the date of this press release.
To view the annual, quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to: http://www.sec.gov/
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
(949) 721-8272
Website: http://www.pacifichealthcareorganization.com/
Contact: Fred Odaka - CFO
Email: fodaka@medexhco.com